Merrill Lynch announces job cuts after $2 billion loss
Submitted by lastmovement on Sat, 04/19/2008 - 02:27
Merrill Lynch, the investment bank, posted a loss Thursday and announced that it would lay off about 2,900 additional workers. Including about 1,000 jobs already eliminated this year, the company's work force is to shrink by 10 percent, or about 4,000 jobs, over the course of 2008.
The bank reported worst-than-expected earnings for the first quarter, including $6.5 billion in write-downs and adjustments to assets in its mortgage, leveraged finance and other divisions. The write-downs bring the total taken by Merrill Lynch in the last three quarters to more than $30 billion.
http://gold-report.blogspot.com/2008/04/merrill-lynch-announ...
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